The Research On The Economic Policy Of Harold Wilson Government In Britain

In the 1960 s,the golden age of economic boom of Britain ceased characterized by economic decline and transformation, declining global power and deteriorating problem, which gave rise to the win of general election of labor party at the mercy of the continuing reign of conservative party for 13 years in the days post-world war ii. Wilson was in the office during the years of 1964-1970, 1974-1976. British government gave first priority to the Keynesianism during the Wilson administration, and it reached the received wisdom in the early 70 s with the policy of conservative party, which indicated the change of guiding ideology.Guided by the Keynesianism, Wilson administration implemented macro tight financing policy to balance payment increase income and decrease expenditure and made up financial deficit. Meanwhile, State Intervention was even more emphasized to carry out state policies on a large scale to put the market under the control of state and decreased the intervention of privately-run enterprise. As to micro-economic policy, the Government adjusted incomes policy to strictly limit wage growth. On the issue of nationalization, Wilson Administration launched the Government White Paper of 1967,which resulted in the second climax of nationalization of United Kingdom and became even boisterous by the industrial law of 1970. Throughout its three sessions, Wilson's Government behaved badly in economy was labeled as the failing Labor Government for its misjudgment of economic complexity of Britain sticking to he Keynesian theory of Manager under the influence of deteriorating economic situation home and abroad. The studies about the Wilson Government's economic policy is limited. This paper attempts to make a brief summary and comments of the Wilson Government's economic policies.This paper consists of six parts including a total of five chapters. Preamble part describes the reasons and significance of the selection of Harold Wilson Government's economic policy and the review of economic policies imposed by the Prime Minister during his two times as the Prime Minister of Britain.The first chapter introduces the major economy climate for Wilson before the Government came to power after the war on the one hand,the bright legacy in economy left by the conservatives in power for 13 years. But Britain also faced such problems such as balance of payments, inflation and wages, with the problem of balance of payments most serious. By the time the second-term Government, the major problems turned to be the unemployment and inflation, which indicated Britain was on the edge of bankruptcy.The second chapter describes macroeconomic policy say, fiscal policy and monetary policy of the Wilson Government's.When discussing macroeconomic policies, it focused on the process of policy formation and its effect and through the introduction of macro policy, it summarizes two specific characteristics of economic policy of the Government.The third chapter introduces the micro-economic policies of the Wilson Government's,in which it focused on its revenue policy, welfare policy and nationalization.Incomes policies strengthened compared to previous periods Government and the Government continued to control revenues, setting wage standards, and increase financial input in terms of welfare policies to. The second nationalization was introduced in nationalizing climax.The fourth chapter discusses the economic policy foundation and thought of Wilson administration. This chapter introduces and traces the government's economic guidelines-Keynesian, and other new economic theory, which reached its peak in the application of Keynesianism.The fifth chapter Wilson introduces and comments the features of the government economic policy. Comparison is mainly used in the process of comparison of the two sessions before and after of economic policy, before and after the change of policy conclusions. The evaluation of economic policies by the government Wilson is focused on the settlement of the problems as well as its impact for successive governments in term of economic policies.